Rava Partners, the real assets arm of Hillhouse Investment, is picking up a majority stake in Asia Pacific’s rental housing provider Dash Living through a strategic investment of up to $150 million.
Dash Living, which currently manages over 2,000 rooms across major Asian cities like Hong Kong, Singapore, and Tokyo, plans to leverage the new financing to accelerate its growth in APAC, including Japan, said the company in a Tuesday statement.
Following the investment, Aaron Lee, CEO and founder of Dash Living, will continue to lead the company as CEO and a board member to oversee its investments and operations.
Dash Living—founded in 2014 and backed by MindWorks Capital, Grosvenor Asia Pacific, and Hong Kong’s Cyberport—sees Rava Partners’ investment as a significant boost to its capacity to provide upscale, flexible accommodations across the region.
“Use of proceeds will be primarily used for growing our management team and investing alongside our partners to create strong alignment of interest,” said Lee.
He told Mingtiandi that he expects the investment to enable Dash Living to expand its geographic reach while expanding its services to new areas, including managing properties catering to families and groups.
Joe Gagnon, co-head of real assets at Rava Partners, said: “We are particularly enthusiastic about the growth opportunities in Japan, where we see strong secular tailwinds and where Dash Living has demonstrated significant value creation for its customers and capital partners.”
Rava Partners, established in 2020 as a complement to Hillhouse’s broader private investment platform, builds real asset platforms in growth sectors of Asia’s economy, such as education, logistics, industrial, life sciences, healthcare, multi-family accommodation, digital infrastructure, and other specialised asset classes. The firm has committed over $3 billion in 17 real estate companies across APAC since its inception.
